Polkadot (DOT) is an open source blockchain and platform cryptocurrency that was created by Ethereum co-creator, Gavin Wood. It was created to allow and provide interconnectivity and interoperability between blockchains, by enabling independent chains to securely exchange messages and perform transactions with each other without trusted third-party.
The proof of stake blockchain, Polkadot's mission or objective has been further strengthened with the creation of the Cross-consensus messaging system also known as XCM.
XCM is the new and exciting creation of the cross chain interoperability protocol, Polkadot. It’s a messaging system designed for communication and transfer of digital assets between parachains built on Polkadot's relay chain.
This messaging system can support messages between smart contracts and substrate runtime modules also known as pallets. And in terms of security, the messages sent on the channel is said to be fully secured at the same level as it’s relay chains.
The possibility of linking up with other networks, like Bitcoin, Ethereum, etc, is massive, which is a priority that Polkadot wants to achieve through iterations that will make communication possible.
The possibilities that XCM, the cross consensus messaging system holds fulfills the foundational objective of Polkadot. Which is to become a fully interoperable multichain ecosystem.
This is what Hoon Kim, Chief technical officer of Astar has to say about this new innovation
"I can imagine a future where more and more projects use XCM to create something that was impossible just a couple of years ago.
I see traditional smart contracts or isolated layer/chains like setting up shop in a kingdom surrounded by walls. Then we have bridges which are like a trading route that first connected nations from nations. Now we have XCM, which is like a trade agreement for blockchains. This the natural future.”
His thoughts on XCM definitely sums up what it can do and the futuristic possibility of this new innovation.
I believe parachains running on the polkadot network will welcome XCM with open arms because of its optimistic innovative future. It can only get better from here.
This development is expected to boost and enables users to send tokens across 500 parachains, apps and services built in the blockchain.
It solves the blockchain's bridging problem
It enables Nft functionalities too.
Just awesome and I believe we will see the reflection of this new innovation on its token (DOT) too.
But instead of a rise in price of DOT, what we witnessed recently is DOT falling to the lowest it has been at in almost eight months which has set DOT for a possible recovery in the coming weeks, $20 is its next possible target.